Gold Canyon Bank Turns to Lead

Sixty-Fifth ranked Gold Canyon Bank of Gold Canyon, Arizona, was closed today by state regulators. The former bank had total assets of approximately $45.2 million. The assets of Gold Canyon Bank were acquired by First Scottsdale Bank, National Association (6786th) of Scottsdale, Arizona. This is the first distressed bank acquisition for First Scottsdale Bank which also assumed about $44.2 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.2 million.